Russia’s Finance Ministry To Buy RUR 426.9bn Worth of Dollars in September

UrBC, Moscow, September 6, 2018. Russia’s Finance Ministry intends to increase the amount of funding allocated to foreign currency purchases within the time frame of September 7-October 4, 2018 to RUR 426.9bn. This means around RUR 21.3bn will get spent on foreign currency daily, the ministry states.

As the Bank of Russia is no longer intervening in the current market situation, the Federal Treasury will be buying foreign currency from the Bank of Russia throughout the end of September without the latter buying comparable amounts of foreign currency on the internal forex market in its turn.

‘The Bank of Russia will decide whether it should resume puirhcainsg foreign currency on the open market based on the actual financial market situation throughout September 2018,’ the Finance Ministry says.

Now Russia’s Central Bank announced earlier it would purchase no foreign currency in September. The goal is to ‘make the financial authorities’ actions more predictable and to reduce the financial markets’ volatility’.